Company Overview - Moore Threads officially listed on the STAR Market on December 5, 2023, becoming the first domestic GPU stock, with an opening price of 650 CNY per share, a significant increase of 468.78% from the issuance price of 114.28 CNY [1] - The stock reached a peak of 688 CNY during trading, with a closing price of 600.5 CNY, resulting in a total market capitalization of 282.25 billion CNY [1] - The company raised approximately 7.9996 billion CNY in its IPO, with a net amount of 7.576 billion CNY after deducting issuance costs, primarily for R&D projects related to AI chips and graphics chips [1] Financial Performance - Moore Threads has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 208.44% from 2022 to 2024, and reported revenue of 785 million CNY in the first three quarters of 2025, a year-on-year increase of 181.99% [2] - Despite the revenue growth, the company remains in a loss position, with net losses of 1.894 billion CNY, 1.703 billion CNY, 1.618 billion CNY, and 724 million CNY from 2022 to the first three quarters of 2025 [2] - The management anticipates achieving profitability by 2027 [2] Industry Outlook - The AI chip market in China is expected to grow rapidly, with a forecasted market size increasing from 142.54 billion CNY in 2024 to 1.3368 trillion CNY by 2029, representing a CAGR of 53.7% from 2025 to 2029 [2] - The GPU segment is projected to experience the fastest growth, with its market share expected to rise from 69.9% in 2024 to 77.3% in 2029 [2] - Globally, the GPU market is predicted to reach 36.119 trillion CNY by 2029, with China's GPU market size expected to reach 13.635 trillion CNY, increasing its global market share from 15.6% in 2024 to 37.8% in 2029 [3]

Core Viewpoint - The IPO of Moer Thread is notable for its high issuance price of 114.28 yuan, the highest for new stocks this year, despite the company not being profitable yet [1][2][3] Group 1: IPO Details - Moer Thread plans to issue 11.2 million shares, requiring a minimum investment of 110,000 yuan in Shanghai stocks for full subscription [1][2] - The company aims to raise approximately 8 billion yuan, with funds allocated for the development of AI training chips and graphics chips [5][6] - The total market capitalization post-IPO is estimated at 53.719 billion yuan, positioning it among the larger recent IPOs [7] Group 2: Financial Performance - For the first three quarters of the year, Moer Thread reported revenues of 785 million yuan, a year-on-year increase of 181.99%, while the net profit attributable to shareholders was -724 million yuan, reflecting an 18.71% increase in losses [3][4] - The company has shown significant revenue growth over the past three years, with revenues increasing from 46.08 million yuan to 785 million yuan [4] - Future projections indicate a revenue growth of 177.79% to 241.65% and a net profit growth of 27.82% to 54.89% for 2025 [4] Group 3: Market Sentiment - The high issuance price and lack of profitability may create hesitation among cautious investors, but the company's strong reputation in its field could attract more aggressive investors [2][3] - The recent trend of unprofitable new stocks not experiencing a drop in price on their first trading day has bolstered investor confidence [2] - The entry barrier for retail investors on the Sci-Tech Innovation Board, requiring a minimum asset of 500,000 yuan, limits participation, leading to mixed feelings among potential investors [9]

Core Viewpoint - The company, Moer Thread, is regarded as the "first domestic GPU stock" and "China's version of NVIDIA," with a significant IPO on the Sci-Tech Innovation Board, raising 8 billion yuan, the highest for this year [1][2]. Company Overview - Moer Thread's IPO price is set at 114.28 yuan per share, with a single account subscription limit of 11,000 shares, requiring a market value of 110,000 yuan in Shanghai stocks for maximum subscription [1]. - The company was founded in 2020 and focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [1][2]. Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: - 25.10 billion yuan (31.37%) for the development of a new generation of autonomous AI training integrated chips - 25.02 billion yuan (31.28%) for the development of a new generation of autonomous graphics chips - 19.82 billion yuan (24.77%) for the development of a new generation of autonomous AI SoC chips - 10.06 billion yuan (12.58%) for working capital [3]. Market Position and Competition - Moer Thread claims to be a leader in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, and other advanced functions [3]. - The company has established deep partnerships with operators, cloud service providers, AI companies, and research institutions to stay attuned to market feedback and customer needs [3]. Customer Base - In the first half of this year, the top five customers accounted for 98.29% of the company's main business revenue, with the top three customers purchasing AI computing cluster equipment [4]. - The company acknowledges the risk of intensified competition from international leaders like NVIDIA, which have advantages in product iteration speed and supply chain integration [4]. Investor Sentiment - The initial inquiry attracted high institutional participation, with 286 offline investors and 7,787 allocation objects, indicating strong interest despite differing opinions on the valuation [5][6]. - The calculated market capitalization at the IPO price is 53.715 billion yuan, with a price-to-sales ratio of 122.51 times, leading to mixed views among investors regarding the valuation [6].

Core Viewpoint - The article highlights the rapid IPO of Moer Thread (688795.SH), regarded as the "first domestic GPU stock" and "China's version of Nvidia," with a significant fundraising scale of 8 billion yuan, marking it as the largest IPO on the Sci-Tech Innovation Board this year [1][8]. Summary by Sections Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing since its establishment in 2020 [1]. IPO Details - The IPO price is set at 114.28 yuan per share, with a maximum subscription limit of 11,000 shares per account, requiring a market value of 110,000 yuan in the Shanghai market for full subscription [1]. - The company achieved a total market value of 53.715 billion yuan based on the IPO price, with a price-to-sales ratio of 122.51 times [7]. Financial Performance - Moer Thread reported a revenue of 14.1 billion yuan over the past eight months, with a cumulative loss of nearly 6 billion yuan over three years [8]. - The top five customers accounted for 98.29% of the company's main business revenue in the first half of the year, with significant contracts for AI computing products [5]. Fundraising Allocation - The company plans to allocate the raised funds as follows: - 2.51 billion yuan (31.37%) for the development of a new generation of autonomous AI training integrated chips - 2.50 billion yuan (31.28%) for the development of a new generation of autonomous graphics chips - 1.98 billion yuan (24.77%) for the development of a new generation of autonomous AI SoC chips - 1.01 billion yuan (12.58%) for working capital [4]. Competitive Landscape - Moer Thread claims a leading position in the domestic GPU sector, leveraging its self-developed MUSA architecture to support various computing tasks [5]. - The company faces intense competition from international giants like Nvidia, which have advantages in product iteration speed and supply chain integration [6]. - The domestic GPU market is experiencing rapid growth due to strong government support for AI and high-performance computing, attracting significant capital and talent [7].

Group 1 - The core point of the article highlights that Moer Thread has become the fastest company to pass the review for the Sci-Tech Innovation Board, achieving this in just 88 days from acceptance to approval [1][2] - The company plans to raise 8 billion yuan through its IPO, which will be fully allocated to the development of AI training and inference chips, graphics GPUs, and AI SoCs [2] - The market is intrigued by Moer Thread's potential as a "domestic Nvidia," but there are concerns regarding its fundamentals and valuation in the face of competition from established players like Nvidia [2][3] Group 2 - Moer Thread, established in 2020, is one of the few companies in China with full GPU development capabilities, showing significant advantages in general computing and graphics rendering [3] - The company has faced scrutiny from regulators regarding five major risks, including continuous losses, fluctuating gross margins, potential intellectual property risks, customer concentration, and high inventory levels [3] - The global GPU market is characterized by a dominant player, Nvidia, which holds approximately 90% of the AI chip market, while the domestic market is fragmented [3] Group 3 - Moer Thread's revenue has seen substantial growth, increasing from 46 million yuan in 2022 to 1.24 billion yuan in 2023, and projected to reach 4.38 billion yuan in 2024, reflecting a compound annual growth rate of 208% [6] - The company's net losses have narrowed from 1.84 billion yuan in 2022 to 1.49 billion yuan in 2024, with a significant reduction in losses to 271 million yuan in the first half of 2025 [7] - The gross margin has improved significantly, rising to over 70%, which is higher than the average of 38% for semiconductor companies on the Sci-Tech Innovation Board [7] Group 4 - Despite the improvements, Moer Thread still has accumulated losses of approximately 1.48 billion yuan and does not expect to achieve profitability until at least 2027 [8] - The company has a manageable short-term debt pressure with cash reserves of 4.9 billion yuan by the end of 2024 [9] - Moer Thread has successfully launched four generations of GPU architectures and has expanded its product matrix to cover AI computing, cloud computing, and personal computing applications [9]

Core Viewpoint - The article discusses the recent IPO filings of domestic GPU companies, Moer Thread and Muxi, highlighting the significant potential for domestic GPU manufacturers to replace foreign dominance in the market, especially in the context of geopolitical tensions and the AI revolution [1]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins. The company has launched four generations of GPU architectures and has a diverse product matrix covering various application areas [2][3]. - Muxi is dedicated to the independent research and development of high-performance GPU chips and computing platforms, emphasizing technological innovation and a robust software ecosystem to support AI applications across multiple industries [8][32]. Financial Performance - Moer Thread's revenue has shown a growth trend, driven by a rich variety of products and deepened customer collaborations. However, the company has not yet achieved profitability, with significant operating losses reported [4][6][7]. - Muxi has experienced rapid revenue growth, with an average annual growth rate of 4074.52% over the past three years, although it has also not achieved profitability [10][12]. Employee Structure - As of the end of 2024, Moer Thread employs 1,126 people, with 78.69% in research and development roles, indicating a strong focus on innovation [2][3]. - Muxi has a similar emphasis on R&D, with 652 out of 870 employees dedicated to this area, representing 74.94% of its workforce [9]. Market Dynamics - The domestic GPU market has long been dominated by foreign giants, but there is a growing trend of domestic companies gaining market share through innovation and technology [1][7]. - Both companies face challenges in market penetration due to the high technical barriers and the need for ecosystem development, which requires time and investment [6][8]. Product Offerings - Moer Thread's product lines include AI computing products, professional graphics acceleration products, desktop graphics acceleration products, and intelligent SoC products, catering to various market needs [15][16]. - Muxi's product offerings focus on AI training and inference, general computing, and graphics rendering, with a strong emphasis on high-performance GPU solutions [8][32]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates GPU hardware and software for high-performance computing, supporting various applications in AI, graphics processing, and scientific computing [20][21]. - Muxi has also made significant advancements in GPU technology, with a focus on creating a comprehensive ecosystem that supports AI applications across different sectors [32].